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Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatili ty, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shar es on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

The Fund has adopted a policy to pay common shareholders a stable quarterly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as re turn of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively.
2. The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distrib utions and non-dividend distributions, also known as return of capital. See "Performance" for additional information.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatili ty, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shar es on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

The Fund has adopted a policy to pay common shareholders a stable quarterly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as re turn of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shor tly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Exempt-interest dividends are not subject to regular federal income tax. Exempt-interest dividends derived from specified private activity bonds are subject to the alternative minimum tax (AMT). Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Cap ital gains distributions are taxable at long-term capital gain rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a ret urn of capital distribution is reduced by the amount of the distribution.

The Fund has adopted a policy to pay common shareholders a stable quarterly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distribu tions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund w ill always be able to pay distributions of a particular size. In recent years, a significant portion of the Fund's distributions has been characterized as a return of capital. Click here for more information.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively.
2. The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distrib utions and non-dividend distributions, also known as return of capital. See "Performance" for additional information.
3. A portion of the Fund's returns may be comprised of nondividend distributions, also known as return of capital, or short term capital gains. The federal income tax character of distributions paid to a shareholder is reported on the IRS Form 1099-DIV prov ided to the shareholder shortly after each year-end. Please consult your tax advisor for further information.
4. The Fund has adopted a policy to pay common shareholders a stable quarterly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for federal income tax purposes as qualifi ed and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. In recent years, a sig nificant portion of the Fund's distributions has been characterized as nondividend distributions, also known as return of capital. Click here for more information.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

5. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject t o change due to active management.
6. Percent of total net assets.

Management

James H. Evans, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

James Evans is a vice president of Eaton Vance Management, director of the tax-advantaged bond strategies (TABS) division and portfolio manager on Eaton Vance's TABS team. Jim joined Eaton Vance in December 2008 when it acquired M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was senior portfolio manager and manager of the TABS team.

Jim joined M.D. Sass in 1990 to manage its clients' municipal bond portfolios. He has over 30 years of investment experience. Previously, he was affiliated with Kidder, Peabody & Company as vice president in charge of its municipal arbitrage account, and with Continental Bank and Mellon Bank, where he was a municipal bond trader/underwriter.

Jim earned a B.S. in engineering from Cornell University. He is a CFA charterholder. Jim's commentary has appeared in Bloomberg, The Bond Buyer and Barron's, among other publications.

Education

B.S. Cornell University

Experience

Managed Fund since 2010

Brian C. Barney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

Brian Barney is a vice president of Eaton Vance Management, director of institutional portfolio strategies and municipal portfolio manager on Eaton Vance’s tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s tax-advantaged bond strategies. He joined Eaton Vance in 2009.

Brian began his career in the investment management industry in 2001. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was vice president and municipal portfolio manager.

Brian earned a B.S. in systems engineering from the University of Virginia. He is a CFA charterholder.

Education

B.S. University of Virginia

Experience

Managed Fund since 2015

Devin J. Cooch, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2009

Biography

Devin Cooch is a vice president of Eaton Vance Management and municipal portfolio manager and trader on Eaton Vance's tax-advantaged bond strategies team. He is responsible for buy and sell decisions, portfolio construction and risk management for the fi rm's tax-advantaged bond strategies. He joined Eaton Vance in 2008.

Devin began his career in the investment management industry in 2008. Before joining Eaton Vance, he was affiliated with M.D. Sass Tax Advantaged Bond Strategies, LLC, where he was a trading assistant and accountant. He was previously affiliated with KPM G, LLP.

Devin earned a B.A. in economics, magna cum laude, from Bucknell University. He is a CFA charterholder.

Education

B.A. Bucknell University

Experience

Biography

Ken Everding is a vice president and managing director of research of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for risk management and product development at Parametri c's Westport Investment Center. He joined Parametric in 2005.

Ken began his career in the investment management industry in 1991. Before joining Parametric, he was a managing director at Zurich Capital Markets and BNP Paribas. He was a founding member of Donaldson, Lufkin & Jenrette's credit derivative group and su bsequently formed and led DLJ's European credit derivatives business.

Ken earned a B.S., with honors, in physics from Iowa State University and holds a doctorate in theoretical particle physics from Yale University. Excerpts of his Ph.D. thesis, "Aspects of Non-Perturbative Quantum Electrodynamics," have been pub lished in leading academic journals.

Education

B.S. Iowa State University

Ph.D. Yale University

Experience

Biography

Jonathan Orseck is managing director of operations of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for overseeing day-to-day operations at the Westport Investment Center. He joined Parametric in 2006.

Jon began his career in the investment management industry in 1994. Before joining Parametric, he was a managing director at Bank of America Securities, where he founded and managed the Equity Linked Solutions Group, and an executive director at Morgan S tanley. He was previously affiliated with Kidder, Peabody & Co. and Royal Bank of Canada.

Jon earned a B.S. from the University of Pennsylvania and an MBA from New York University Stern School of Business.

Semi-Annual Report

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Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The information on this Web page is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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The information contained in this section of the website is designed solely for professional clients.
If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not
be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management
(International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not
intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in
any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important
that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making
any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party
information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested.
Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of
overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements.
A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in
securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory,
administrative and service contracts, and other risks.

All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional
client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the
Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that
jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.

Remember Me

Disclosure - Restricted content

The information contained in this section of the website is designed solely for professional clients.
If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not
be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management
(International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not
intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in
any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important
that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making
any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party
information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested.
Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of
overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements.
A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in
securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory,
administrative and service contracts, and other risks.

All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional
client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the
Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that
jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.

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By clicking the box below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes).

GENERAL DISCLAIMER

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.

QIAIF DISCLAIMER

The Fund is an umbrella fund of the Eaton Vance Institutional Funds plc (the "Company"), a public limited company with variable capital with segregated liability between sub-funds incorporated in Ireland pursuant to the Companies Acts. The Company is authorised and regulated by the Central Bank of Ireland as a Qualified Investors Alternative Investment Fund (QIAIF) and solely intended for Qualified Investors (as defined in the Fund prospectus).

The Fund is currently authorised in Ireland only and as a QIAIF the Company may apply for recognition by other EU Member States. The QIAIF mentioned on this website may not be eligible for sale in some countries.
This website is not intended to distribute or offer or solicit the sale of shares or units in the Fund and any jurisdiction in which such distribution, or offer or solicitation would be considered contrary to local law or regulation.